Pensioner Cost of Living Payment
The Cost of Living support package has been designed to help over 8 million households in receipt of mean tested benefits. The details for Cost of Living Payments due in the 2023-24 tax year were published earlier this year and have recently been updated.Eligible recipients will receive up to three Cost of Living Payments of £301, £300 and £299 during the course of the current tax-year. This includes those receiving pension credit and these payments will be made separately from other benefit Read more..
Pension Credit deadline
Pension Credits can provide extra income to those over State Pension age and on a low income. The credits were first introduced in 2003 to keep retired people out of poverty.Pension Credit can top up:your weekly income to £201.05 if you are single; or your joint weekly income to £306.85 if you have a partner.If your income is higher, you might still be eligible for Pension Credit if you have a disability, you care for someone, you have savings or you have housing costs. Not all Read more..
Help to Save scheme
The Help to Save scheme is intended to help those on low incomes to boost their savings. Eligible users of the scheme can save between £1 and £50 every calendar month and receive a 50% government bonus. The 50% bonus is payable at the end of the second and fourth years and is based on how much account holders have saved. The bonus is paid directly into the account holder’s chosen bank account.This means that account holders on low incomes can receive a maximum bonus of up to £1,200 on savings Read more..
More time to file company accounts
The normal filing deadline for filing the accounts of a private limited company is nine months after the company’s financial year end. Known as the accounting reference date. For example, many companies have a year-end date of 31 March and are therefore required to file their accounts by the following 31 December. For public companies, the time limit is 6 months from the year end.There are automatic late filing penalties if your company accounts are delivered late. The penalties depend on how Read more..
Autumn Finance Bill 2023 published
The government published the Autumn Finance Bill 2023 on 29 November 2023. The Bill is officially known as Finance Bill 2023-24. The Bill contains the legislation for many of the tax measures announced in the recent Autumn Statement.The Autumn Finance Bill will likely be followed by the main Spring Finance Bill 2024 which will be published after the Spring Budget and will cover any remaining tax measures needed ahead of April 2024.Some of the many measures included within the Bill Read more..
Working from home tax relief
Employees who working from home may be able to claim tax relief for some of the bills they pay that are related to your work.Employers may reimburse employees for the additional household expenses incurred if regularly working at home. The relief covers expenses such as business telephone calls or heating and lighting costs for the home-based workspace. Expenses that are for covering private and business use (such as broadband) cannot be claimed. Employees may also claim tax relief on Read more..
Company accounts filing – don’t be late…
It’s the directors’ responsibility to file their company’s accounts, and make sure they’re filed on time. It’s important to understand your role and how late filing could affect your company.Missing your filing deadline could affect your credit score or access to finance. It can affect how others view your company and whether they want to do business with you. There are also financial penalties and legal consequences - you could get a criminal record, a fine or disqualification.If you employ Read more..
Focus on bottom line
Most dictionaries define “bottom line” as “the most important thing to consider”.In financial circles it’s taken to mean a focus on profitability (the last line on a P&L accounts) or net worth (the bottom line of your Balance Sheet) rather than an obsession with sales (the top line on a profit statement).Sales/turnover is obviously a key element of your business activity and meeting sales targets is usually uppermost in the minds of most small business Read more..